Q: When is the business closed and are you open on public holidays?

Freemarket is closed on UK bank holidays . You can still access the platform, however, certain payments won’t be through until the next working day. Our FX and payments services won’t be available during these days. If you would like any assistance, call us on 020 3393 2709 or contact our Support team.

Question 1

How can I withdraw the balance from my account?

Accepted Answer

You might receive a notification via email requesting that you withdraw the funds in your account. There's a simple fix if you have no way of doing so.

We regularly require that each and every one of our clients through a re-verification process. Our compliance team will contact you if your account has been suspended or has entered the re-verification phase and ask you to submit certain evidence for them to assess so your account may be authorised and the option to withdraw funds made available once more.

Question 2

How can I keep safe online?

Accepted Answer

Take Five is a national campaign offering straight-forward, impartial advice that helps prevent email, phone-based and online fraud – particularly where criminals impersonate trusted organisations. Led by UK Finance and backed by His Majesty’s Government, the initiative is supported by a range of partners such as; the payment industry, financial services firms, legal sector, telecommunications providers, and commercial, public, and third sector organisations.

Stop: Taking a moment to stop and think before parting with your money or information could keep you safe.
Challenge: Could it be fake? It’s ok to reject, refuse or ignore any requests. Only criminals will try to rush or panic you.
Protect: Contact your bank immediately if you think you’ve fallen for a scam and report it to Action Fraud.

Visit the Take Five website here for more information.

We utilise best-in-class services to enhance our compliance and risk policies, and we use real-time rules-based monitoring in our automated transaction monitoring tool. To further safeguard our clients we hold all funds in segregated accounts with our banking partners.

How do I spot a fake, fraudulent or phishing email or website?

Phishing is a type of email attack in which a fraudster sends you an email while impersonating a person, business, or reliable website in order to obtain your passwords or other sensitive information or gain complete control of your computer.

The majority of phishing efforts take place via email, but fraudsters will use every method they can think of to get you to give them your information or money, including:

Fraudulent emails and other messages that look like they're from legitimate companies
Fake invoices saying you’ve missed a payment
Misleading pop-ups and ads that say your device has a security problem
Scam phone calls or voicemails that impersonate employees at companies
Fake promotions that offer free products and prizes

It’s best to be vigilant at all times, fraudsters want your personal details for a number of reasons. Freemarket will never ask you for any personal data. If you receive a message and are unsure it’s really from Freemarket, check to see if it does any of the following:

Uses generic, impersonal greetings like "Dear user" or "Dear [your email address]." We'll always refer to you in our correspondence by your first and last name or by your company name. Greetings like "Dear user" or "Hello Freemarket member" are never used by us.
Requests that you click on links that lead to phoney websites. Before clicking any links in emails, always double-check them. A link can have a secure appearance, such as www.wearefreemarket.com/SpecialOffers. To view the actual location, be sure to hover your cursor over the link. Don't click on the link if you aren't sure.
Has unidentified attachments. Open an attachment only if you are certain it is trustworthy and safe. Pay particular attention to invoices from businesses and contractors you are unfamiliar with. Some attachments contain viruses that install themselves when opened.
Projects a false feeling of urgency. Phishing emails frequently use alarmist language and urge you to update your account right away. They're hoping you'll be swayed by their haste and disregard red flags that the email is a scam. If there’s an urgent need for you to complete something on your account, you can find this information by logging into Freemarket directly.

You can find some more information, tips, how to spot phishing attempts and best practices from Apple, Santander, Microsoft, and Which.

Question 3

How do I know if my exchange has been completed?

Accepted Answer

We will send you two emails detailing the exchange breakdown and when we start to process the payment order. The first email will inform you as we have started to process your instruction and you will receive another email when the exchange is complete. The second email from support@wearefreemarket.com will include a statement with the full transaction details, including a breakdown of the rate achieved for the transaction.

Question 4

What does a pending deposit mean?

Accepted Answer

A pending deposit represents a transaction in which our operations team has not yet allocated the funds. The reference that you have been given should be included in every bank transfer you make so that we can reconcile the funds when necessary.

A transfer won't be reconciled unless you give us confirmation of it. Our operations team may credit the account that you would like the funds to be added to by giving evidence, and this will be reflected up on your balances.

Question 5

How to download account balances from the platform

Accepted Answer

Downloading your currency balances is an easy and simple process.

For each currency that you have access to, if you head to the Balances tab it will show the transaction history from the account in its entirety. The overview will display the beneficiary, incoming transactions, outgoing transactions, and overall balance of the currency.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/Y9oC1bOmzu/SS%20-%20Balance%20Download.png (SS - Balance Download)

From this viewpoint, you’ll be able to see the history for the currency – which can be located in the lefthand side of the screen – and you can toggle the side panel in order to select which currency you want to view.

Exporting the data from the platform is an easy task and you can do this in a matter of seconds. The platform by default will export the entire transaction history in your selected format. By clicking on green calendar icon (that is situated next to date), you are able to select a date range to view or export. Once, you have the currency and timeframe selected you can export the data in PDF or XLS format (as highlighted).

Question 6

How do I close my account?

Accepted Answer

You can stop using our services whenever you feel like, we’ll be sorry to see you go.

If there’s anything we can do better or you would like to leave some feedback about the service, how we can change features, and how we can improve the service, please email us.

Please email support@wearefreemarket.com and a member of our team will be touch regarding your request.

Question 7

When is the business closed and are you open on public holidays?

Accepted Answer

Freemarket is closed on UK bank holidays.

You can still access the platform, however, certain payments won’t be through until the next working day. Our FX and payments services won’t be available during these days.

If you would like any assistance, call us on 020 3393 2709 or contact our Support team.

Question 8

What are approvals and roles on the platform & how to change them?

Accepted Answer

There are five main user roles on the platform; client admin, account user, read only, exchange approver and withdrawal approver – these are all permissions that a client can manage themselves.

Client Admin: being able to create payments, exchanges and manage users
Exchange Approver: this user will be able to approve an exchange before it is actioned and scheduled
Read Only: unable to make any changes, create payments or exchanges and only allowed to view features of the platform
Account User: able to create payments and exchanges on the platform
Withdrawal Approver: this permission setting will be able to approve a withdrawal before it is actioned and scheduled
Manage Users: this enables you to temporarily suspend or reinstate users, modify permissions, and add or delete people

Each of the user roles has different permissions, meaning they can access different parts of the platform. You can also disable email notifications for a particular user if preferable, and they don’t want to be notified via email. The overriding administrator of the account can set up the different permissions or contact support if you are unable to do this and require assistance.

Head to user management to change permissions and view your current status.

Question 9

What is the Confirmation of Payee (CoP)?

Accepted Answer

Confirmation of Payee (CoP) is a name checking service for UK-based payment, introduced by the Payment Systems Regulator (PSR) which has now been successfully implemented by a number of UK banks, building societies and other payment service providers (PSPs). The aim of the service is to reduce certain types of fraud as well as misdirected payments and to give confidence in a transaction knowing it will go to the correct beneficiary.

Prior to this service being implemented, a payer would provide their PSP with all the payee's details, including their bank sort code and account number together with the name of the person or organisation they were intending to pay. The sort code and account number were then used to route the payment in accordance with the instructions given, however, there was no facility for the payer to check and confirm the name on the account being paid ahead of the payment being sent.

CoP is a way of giving payers greater assurance that their payments are being routed to the intended recipient and therefore are not being accidentally or deliberately misdirected.

A CoP check will be performed all new and existing beneficiaries where:

You are paying to an account you do not own
The account sort code resides in UK, Isle of Man, Jersey or Guernsey
There has been no CoP check performed against the beneficiary
The CoP check has expired (this happens after 12 months)

How does it work?

New beneficiary account details

You will be asked to add the new beneficiary bank account details on this screen.

new beneficiary

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/UiU6iPPdkI/new%20bene%20example.jpg (new bene example )

Existing beneficiary account details

new beneficiary

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/ODqplt0vxu/new%20bene%20example.jpg (new bene example (3).jpg)

Account details match

The account details provided match the details the corresponding bank has for the payee.

beneficiary match

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/62JdyGCmed/match%20.jpg (beneficiary match)

Close match

The details you have provided are a close match to the details held by the corresponding bank. We will provide you with the name on the account the bank has for you to decide to continue or not.

close match

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/gGQKaCaI7n/close%20match.jpg (close match)

No match

The details you have provided do not match with the details held by the corresponding bank. You have an option to continue or not.

no match

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/jRVTeDyMss/no%20match.jpg (no match)

Account type mismatch

The details you have provided do not match with the type of account at the corresponding bank. You have an option to continue or not.

account mismatch

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/4rOUBzCkDp/account%20type%20mismatch.jpg (account type mismatch (1).jpg)

Account not found

The account details do not match any real bank account. You will not be able to continue.

account not found

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/hee7iknIhl/account%20not%20found.jpg (account not found)

If you have any questions or issues with Confirmation of Payee please do not hesitate to contact our team via: support@wearefreemarket.com

Question 10

Can I register multiple accounts for one user?

Accepted Answer

We've created an easy-to-follow step-by-step guide on how a single user can register and access multiple accounts using the same login information.

STEP 1: We will email you a unique registration URL link for each and every company you are looking to register to your login email address and account. You will be prompted to log in once you click each link.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/J3NCAwKQ5s/Multiple%20Accounts%20Screenshot%201.PNG (Multiple Accounts Screenshot 1.PNG)

STEP 2: ** You will be instantly taken to a 'Verify Account' screen where you will be asked to enter the company details and information needed in five easy steps for the new business registration.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/y7NB3J5108/Multiple%20Accounts%20Screenshot%202.PNG (Multiple Accounts Screenshot 2.PNG)

STEP 3: Once you've completed registering your companies, you can navigate to your main Dashboard on your account and select the 'Your Registrations' option where you can view the status of any outstanding registrations.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/Urhm3yrv4B/Multiple%20Accounts%20Screenshot%203.PNG (Multiple Accounts Screenshot 3.PNG)

STEP 4: Please click the 'Continue Registration' option if you haven't finished the registration process yet. You'll be able to pick up where you left off and continue the application. The registration will appear as pending if it is being reviewed.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/sjcpL2LewP/Multiple%20Accounts%20Screenshot%204.PNG (Multiple Accounts Screenshot 4.PNG)

You will only be able to keep track of the progress of registrations that you made since registrations are connected to the person who began the process.

Contact support@wearefreemarket.com or your Relationship Manager if you require any more help or have any queries.